On Our Radar

On Our Radar

Top 4 Most Complained-About Banks

When it comes to consumer gripes, Bank of America takes home the top spot as the most-complained-about bank, especially when it comes to mortgage grumbles.

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According to MagnifyMoney, which analyzed complaints made to the Consumer Financial Protection Bureau (CFPB), the North Carolina-based bank received 76,000 complaints in the first half of the year.

Mortgage complaints topped the list of grievances at BofA.

To date, the CFPB has made public 259,462 complaints since the fourth quarter of 2011.

Here’s how the big four stack up:

1.
Bank of America

Reuters

Complaints in 2014: 5,261

Bank of America has raked in the most complaints since the beginning of 2014, as well as since the fourth quarter of 2011, with 38,392 overall, according to MagnifyMoney. The bank also has the most mortgage complaints at 27,585 since 2011.

For consumers, mortgages were the biggest complaint in regards to the big banks, with 57% ranking it first on their list of issues. Most mortgage complaints are about loan modification, collections or foreclosure.

2.
Wells Fargo

Reuters

Complaints in 2014: 4,834

Wells Fargo came in second place overall for the most consumer complaints with 25,632 since fourth quarter 2011. The San Francisco-based banks came in second place for the most mortgage complaints at 16,160.

The good news is that overall, mortgage complaints have dropped for consumers by 22% year-over-year.

3.
JPMorgan Chase

Reuters

Complaints in 2014: 3,988

The New York City-based bank is the third-most complained about bank, and came in third for credit card complaints since 2011, with 4,480 being logged at the CFPB.

4.
Citi

Reuters

Complaints in 2014: 3,025

While overall Citi had the least amount of complaints this year, it topped the list when it comes to credit card complaints. Citi had 7,028 complaints since the fourth quarter of 2011, when adjusted for the total number of cards outstanding. Most complaints are about billing disputes and APR/interest rates, according to the report.